EURAUD reversing from resistance, potential for further drop!
EURAUD is testing major resistance at 1.6035 (Fibonacci extension, horizontal swing high resistance, bearish divergence) and a strong reaction could occur at this level to push prices down to major support at 1.5833 (Fibonacci retracement, fibonacci extension, horizontal overlap support). We're also seeing intermediate support at 1.5884 (Fibonacci retracement, horizontal swing low support) which we would have to be cautious of.
Stochastic (89,5,3) is seeing major resistance below 97% and also sees bearish divergence vs price which could be a precursor to a big reversal.
Stochastic (89,5,3) is seeing major resistance below 97% and also sees bearish divergence vs price which could be a precursor to a big reversal.
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